Good Wednesday morning. Charlie Munger, one of the most effective and well-known investors of our era passed away yesterday at the age of 99. Known as the right-hand man of Berkshire Hathaways head, Warren Buffett, Munger helped take Berkshire from a basic textile manufacturer to an investment empire worth almost $800 billion. Legend. RIP Charlie. 

The Fed Pivots - Another Key VRA Inflection Point Has Arrived

Yesterday Fed Governor Christopher Waller gave an address to a think tank and stated that Fed monetary policy is "well-positioned to cool inflation” and that "should inflation continue to ease back down to the Fed's 2% target for several more months there is a chance that we could start lowering interest rates. If disinflationary forces continue to build there is no reason to say we will keep the policy rate really high."

Known as one of the most hawkish voices at the Fed, Wallers statements turned heads on Wall Street, sending bond yields sharply lower. His comments sent...